<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 768,938 <SECURITIES> 993,289 <F1> <RECEIVABLES> 60,869 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 20,253,131 <F2> <DEPRECIATION> 5,088,217 <TOTAL-ASSETS> 17,178,109 <CURRENT-LIABILITIES> 0 <BONDS> 11,910,655 <F3> <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 4,440,446 <F4> <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 17,178,109 <SALES> 0 <TOTAL-REVENUES> 555,984 <F5> <CGS> 0 <TOTAL-COSTS> 572,238 <F6> <OTHER-EXPENSES> (71,697) <F7> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 248,718 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 55,443 <EPS-PRIMARY> 0 <EPS-DILUTED> 0 <FN> <F1> "SECURITIES" REPRESENTS INVESTMENT IN JOINT VENTURE <F2> "PP&E" REPRESENTS INVESTMENT IN REAL ESTATE [LAND AND BUILDING] <F3> "BONDS" REPRESENTS MORTGAGES PAYABLE <F4> "COMMON" REPRESENTS TOTAL PARTNERS' CAPITAL <F5> "TOTAL REVENUES" REPRESENTS RENTAL, INTEREST, AND OTHER INCOME <F6> "TOTAL COSTS" REPRESENTS TOTAL EXPENSES <F7> "OTHER EXPENSES" REPRESENTS EQUITY AND MINORITY INTEREST IN JOINT VENTURES' NET (INCOME)/LOSS </FN>